CathWorks, an Israeli medtech firm that offers a non-invasive diagnostic alternative to catheters, has entered into a deal with the international healthcare technology company Medtronic in which Medtronic will invest up to $75 million and immediately begin co-promotion of CathWorks’ FFRangio System in the U.S., Europe and Japan.
As part of a separate agreement, Medtronic will have the option to acquire CathWorks once certain undisclosed milestones are met. CathWorks will also have the right to compel Medtronic to acquire the company if Medtronic chooses not to exercise its option. The acquisition option agreement will expire in July of 2027, with an estimated acquisition of up to $585 million and potential undisclosed earn-out payments post-acquisition. Medtronic has held a minority investment in CathWorks since 2018.
Founded in 2013 by Guy Lavi, Dr. Ifat Lavi, and Prof. Ran Kornowski, head of cardiology at Rabin Medical Center, CathWorks is a medical technology company focused on applying its advanced computational science platform to optimize Coronary Artery Disease (CAD) therapy decisions and elevate coronary angiography from visual assessment to an objective FFR-based decision-making tool for physicians.
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FFR-guided PCI decision-making is proven to provide significant clinical benefits for patients with coronary artery disease and economic benefits for patients and payers.
CathWorks offers the FFRangio System which obtains physiologic information from routine angiograms, eliminating the need for drug stimulation and invasive pressure wires. It provides physicians with quick and reliable intraprocedural FFR values for the entire coronary tree that is practical for every patient.
“CathWorks has been looking for the right partner to help us expand the reach of the FFRangio system globally,” said Ramin Mousavi, president and chief executive officer of CathWorks. “Medtronic not only brings the strength of its commercial team to CathWorks, but a reputation of investing and defining new opportunities to revolutionize care. I am excited about the possibilities ahead as we partner with Medtronic to expand the use of our technology to the U.S., Japan and Europe.”